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News Roundup: GVK To Rope in PE For Bidvest’s Stake in Mumbai Airport

30 March, 2010

GVK To Rope in PE For Bidvest’s Stake in Mumbai Airport – GVK Power and Infrastructure is in advanced talks with private equity players to back its buy out of South African firm Bidvest’s 13.5% stake in Mumbai International Airport (MIAL). The deal will give the GVK, who has been consolidating its investments in the airport business, a 51% holding in the airport. GVK will pay Rs 650 crore for this deal and is in talks with PE firms like KKR, TPG Capital and Macquarie to fund the deal. (Economic Times)

RSA To Merge India Ops With Reliance General After Sundaram Exit – Chennai-based financial services firm Sundaram Finance Group exits its general insurance venture with its British partner RSA Insurance Group Plc buying out its 74% stake. Royal Sundaram Alliance Insurance Co. Ltd is then expected to merge with Reliance General Insurance Co. Ltd to create a new firm and RSA will take a 26% stake in the unit. (Mint)

Nayak To Move From NDTV JV – LS. “Raj” Nayak may be exiting NDTV Media, the joint venture company he formed with news broadcaster NDTV Ltd in 2003. The JV offers advertising sales and marketing services to television channels run by NDTV Ltd as well as other media companies. NDTV holds 74% equity in the venture and Nayak and his team hold the remaining 26%. Almost the entire team of 200 people working in the joint venture is likely to move to a new company being set up by Nayak. (Mint)

Hindustan Unilever Sells Remaining Stake in Unit – Hindustan Unilever Ltd (HUL)  has sold its remaining 49% stake in Capgemini Business Services (India) Ltd (formerly Unilever India Shared Services) to Cap Gemini SA as part of an agreement signed in October 2006. In September 2006, Cap Gemini SA, the Paris-based IT services firm, acquired a 51 per cent stake in UISSL (Indigo). (Business Standard)

Olympus To Buy Tata Power’s Stake in Bumi – Tata Power, the country’s biggest power generator in the private sector, might sell 8-10% of its stake in two coal mines in Indonesia for $300 million. The stake could be sold to Olympus Capital, a private equity firm. Tata Power in 2007 acquired a 30% stake in two coal mines and a coal trading company, all promoted by PT Bumi Resources Tbk, in Indonesia for $1.1 billion. (DNA Money)

Quest Diagnostics, PE Players in Race for Thyrocare Stake – At least seven foreign private equity (PE) companies and US-based medical diagnostics firm Quest Diagnostics Inc. have initiated talks separately to either buy a significant stake in Mumbai-based Thyrocare Technologies Ltd or acquire it in full. Thyrocare mandated Deloitte Touche Tohmatsu India Pvt. Ltd to scout for potential buyers. Potential ?PE?investors include Avendus Private Equity and Citigroup Venture Capital International (CVCI). (Livemint)

Maran Makes Rs 700 Cr Offer For SpiceJet – Kalanithi Maran and the promoters of SpiceJet are sparring over the price being offered for a majority stake in the budget carrier. Maran’s proposal of Rs 700 crore for a 51% stake is finding few takers among the airline’s shareholders. Maran, whose interests have now spread from media to aviation, has completed due diligence and is believed to have made an offer of Rs 55 per share. (ET)


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News Roundup: GVK To Rope in PE For Bidvest’s Stake in Mumbai Airport

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